THQ to Re-Align Business and Experiences $115 Million Second Quarter Loss

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THQTHQ announced its financial results for its fiscal second quarter ended September 30, 2008.
During the quarter, THQ reported a net loss of $115.260 million, compared to a net loss of $7.039 million in the same quarter the previous year. THQ blames the loss on lower-than-expected sales of WALL-E and de Blob. The company also experienced a non-cash charge of $80.5 million related to the valuation and tax effects of certain deferred tax assets.

THQ announced that it is "undertaking a significant business realignment" by focusing on fewer, but higher quality, titles. To that end, THQ has closed five studios resulting in a reduction of its development staff of 250 people (around 17%).

THQ also announced that its Chief Financial Officer, Colin Slade, will take a medical leave of absence. He will be replaced by THQ's Chief Accounting Officer and Corporate Controller Rasmus van der Colff on November 6.

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This page contains a single entry by Editor published on November 5, 2008 2:26 PM.

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